1. Patriick Inc. has following information on its Balance Sheet: Common shares, 100,000 authorized, 25,000 issued $100,000 If the company purchased 6,000 shares of its own common shares for $26 what would be recorded in terms of a gain or loss? a. Gain of $132,000 b. Loss of $56,000 c. Loss of $132,000 d. Gain of $56,000 per share, 2. A company buys back some of their common stock at a loss of $120,000. They have a Contributed Surplus account equal to $50,000. The company would debit Retained Earnings for the entire loss of $120,000. a. True b. False